French semiconductor maker Sequans Communications is doubling down on Bitcoin (BTC) with a fresh $200 million at-the-market equity offering, aiming to expand its crypto treasury and eventually reach 100,000 BTC by 2030.
The 4G and 5G chipmaker said in its SEC filing that it will issue American Depositary Shares (ADS) at its discretion, depending on market conditions. CEO Georges Karam said the move is designed to “optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders.”
Sequans’ Current Bitcoin Holdings
According to BitBo data, Sequans currently holds 3,171 BTC worth around $349 million, making it Europe’s second-largest corporate Bitcoin holder, behind Germany’s Bitcoin Group SE Bitcoin Holdings, which owns 12,387 BTC. With proceeds from the new equity program, Sequans could buy another 1,814 BTC, bringing its total stash close to 5,000 BTC, on par with Semler Scientific.
The equity plan comes during a market dip, with Bitcoin trading at $109,862, down 13.3% from its $124,517 all-time high earlier this month. Other treasury giants are also buying the dip. Strategy added 3,081 BTC on Monday, while Japan’s Metaplanet picked up 103 BTC.
Meanwhile, Ethereum (ETH) treasury companies are gaining attention. BitMine Immersion Technologies now holds $7.5 billion in ETH, while SharpLink and The Ether Machine round out the top three. ETH adoption has fueled a 198% rally since April 9, narrowing the gap with Bitcoin this cycle.
Sequans closed Monday at $0.96, down 6.8% but was slightly recovering in after-hours trading.
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